ChartManager.loadChart(‘purchaseappschart’, ‘PurchaseMtgAppChart’);

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The Refinance Index increasedrn0.1 percent from the week before and the share of applications that were forrnrefinancing rose from 64 percent to 66 percent.</p

Refinance Index vs 30 Yr Fixed</p

ChartManager.loadChart(‘refiappschart’, ‘RefiMtgAppChart’);

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Mortgage interest rates also lackedrndirection.  Contract rates inched up whilernpoints and fees generally declined.  </p

The average contract rate for 30-yearrnfixed-rate mortgages (FRM) with conforming loan balances ($417,000 or less)rnincreased from 4.46 percent with 0.38 point to 4.48 percent with 0.31rnpoint.   The jumbo 30-year FRM (balancesrnover $417,000) contract rate rose 1 basis point to 4.48 percent while points decreasedrnto 0.15 from 0.22.  The effective rate ofrnboth types of 30-year FRM decreased from the previous week.</p

The average rate for 30-year FRM backedrnby the FHA increased to 4.16 percent from 4.14 percent.  Points decreased to 0.24 from 0.25 and therneffective rate increased.</p

The average contractrninterest rate for 15-year fixed-rate mortgages remained unchanged at 3.52rnpercent, with points decreasing to 0.31 from 0.33.  The effective rate decreased from last week.</p

The average contractrninterest rate for 5/1 adjustable rate mortgages (ARMs) increased to 3.18rnpercent from 3.12 percent, with points unchanged at 0.37.  The effective rate increased from the priorrnweek. The ARM share of activity increased from 7 to 8 percent of totalrnapplications.</p

Rates are quoted forrnloans with an 80 percent loan-to-value ratio and points include the originationrnfee.  </p

MBA has conducted itsrnMortgage Applications Survey weekly since 1990. rnRespondents include mortgage bankers, commercial banks, andrnthrifts.  The survey covers 75 percent ofrnall U.S. retail residential mortgage applications and the base period and valuernfor its indexes is March 16, 1990.

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